The intense competition in the legal industry makes the market hard to penetrate. As a new lawyer thinking of starting a solo practice or a small law firm, you might easily be discouraged once you are confronted with big law firms competitors. How can you keep up with the competition? Keep on reading and learn from the tips we’ll share.
Using a law practice management software like Rocket Matter is one of the easiest ways to embrace technology in a law firm. It provides a platform where lawyers can access case files and legal documents anytime and anywhere without worrying about security. It improves billing efficiency, cuts down overhead costs, and streamlines work management, among other things. All of these benefits can deliver improved client satisfaction and positively impact the firm’s bottom line.
Try their cloud case management software and experience how technology makes your law firm more competitive.
Leading law firms stay competitive by being responsive. This is also one of the simplest but most effective ways for your new firm to keep up with the other players in the legal industry. Avoid having a 24-hour response time. This will disappoint legal consumers. Respond to their queries or concerns as soon as possible. The quicker you answer the clients, the more satisfied they are with your performance.
Invest in Talent
Whether you are practicing solo or you have a pool of lawyers in a small firm you are establishing, talent is critical. Aside from having top-notch lawyers, the firm should also have the best paralegals, as well as other employees in crucial roles that aid in the successful delivery of legal services. Hire the right people and train them to unlock their full potential.
Price it Right
Pricing legal work is a subject of continuous debate. There is no magic formula on what works best. It depends on a combination of factors, such as the firm’s reputation and the service that is required. The most important factor is to have a proactive conversation with your clients to know their budget and to set the right price. If you have a wrong approach to pricing, you will lose your clients and be left behind by your competitors.
Do Not Lose the Human Touch
Technology is not a replacement for the role of lawyers in providing legal advice. Even if firms utilize machine learning, artificial intelligence, and other technologies, they are not enough to deliver the best legal services. Clients want lawyers who value and respect them, in addition to knowing their specialized field. They seek services from professionals who understand their problems. So make sure that your firm does not lose its human touch to remain competitive. The key is to perfectly balance human touch and technology to drive results favorable for the business.
It is not easy to compete with the big-wigs in the legal industry. However, with our tips above, it is doable. You can go head-to-head and increase your chances of surviving in the competitive landscape.